Daniel Morris of Plains Commercial sold Country Village, a large senior care campus in Angleton, Texas. The seller was a long time owner/operator who was looking to retire. Built in 1985, the campus was extensively renovated in the mid-2010s and showed well. The campus is licensed for 138 skilled nursing beds, with 38 assisted living and 32 memory care units. The facility was cash flowing at the time of the sale, but offers significant upside through further lease-up and expense control. Occupancy was around 50% at the end of 2022 but was improving throughout 2023.
After a competitive bidding process, the seller chose to engage with a partnership between a private investor and a Texas-based operator. The parties were able to close the deal in just over 100 days from the execution of the LOI.
